CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net (loss) income	$ (17,349)	$ 23,496
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation expense	946	934
Stock‑based compensation expense	5,087	3,733
Amortization/(accretion) of marketable securities	(1,338)	(2,037)
Changes in operating assets and liabilities:
Collaboration receivable	1,636	(71,636)
Prepaid expenses and other current assets	(2,273)	2,680
Right-of-use assets, operating leases	2,697	2,532
Other non-current assets	45	28
Accounts payable	(1,910)	(655)
Accrued expenses and other current liabilities	(5,459)	(2,522)
Income tax payable	135	1,831
Operating lease liabilities	(2,210)	(1,798)
Deferred revenue	(18,514)	17,895
Net cash used in operating activities	(38,507)	(25,519)
Cash flows from investing activities:
Purchases of property and equipment	(1,144)	(838)
Purchases of marketable securities	(80,020)	(96,935)
Maturities of marketable securities	85,947	123,920
Net cash provided by investing activities	4,783	26,147
Cash flows from financing activities:
Proceeds from exercise of stock options	350	206
Net cash provided by financing activities	350	206
Net (decrease) increase in cash, cash equivalents, and restricted cash	(33,374)	834
Cash, cash equivalents, and restricted cash at beginning of period	105,161	71,552
Cash, cash equivalents, and restricted cash at end of period	71,787	72,386
Supplemental cash flow disclosures:
Purchases of property and equipment included in accounts payable and accrued expenses	108	115
Vesting of options early exercised subject to repurchase	$ 14	$ 13